to establish a framework for the issue of covered bonds by: enabling authorised deposit institutions to issued covered bonds; and providing that the Australian Prudential Regulation Authority set prudential standards for the issue of the bonds.

to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer a fixed interest gap mortgage; cap mortgage exit fees at cost recovery; and require uniform identification of exit fees in advertising and mortgage contracts.

to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer fixed interest gap loans and mortgages; cap mortgage and loan exit fees at cost recovery; and require uniform identification of exit fees in advertising and in mortgage and loan contracts.

to enable the Treasurer to determine that the Financial Claims Scheme no longer apply to a bank which either withholds an interest rate cut or increases its variable standard rate in response to an official interest rate reduction.

to: impose certain conditions on authorised deposit-taking institutions (ADIs) in relation to the transfer of personal transaction accounts; and require ADIs that offer term deposits to provide certain information when those deposits are due for reinvestment; and

National Consumer Credit Protection Act 2009

to: require credit contracts to expressly include advice of any unjust transactions and unconscionable interest and other charges; and provide for the termination of mortgage indemnity insurance contracts when the related mortgage is terminated and the rebate of associated premiums.

to close a loophole by imposing the realisations charge and the interest charge on amounts received by all persons (not only trustees) who are controlling trustees; and

Bankruptcy (Estate Charges) Amendment Act 2001

to provide for commencement of the Act (as the existing commencement provision is tied to commencement of the Bankruptcy Legislation Amendment Bill 2001 which lapsed last Parliament). Also contains application provisions.

in relation to the operation of debt agreements under Part IX by providing for: the registration of administrators; proportional payments under an agreement to administrators and creditors; debtors’ proposals to be accepted by a majority in value of creditors; mechanisms to deal with defaulting debtors; and clarifying the operation of the Act in relation to: deregistered administrators; debts covered by an agreement; treatment of secured creditors; and investigative powers of the Inspector-General in Bankruptcy.